Best ever financial year for Waikato-Tainui
Iwi body Waikato-Tainui has had its best ever financial year, reporting a net profit of nearly $138 million and more than $1 billion in worth.
The net profit of $137.8m meant the tribe could make record distributions to members alongside the delivery of social, cultural and environmental achievements, says tribal authority Te Whakakitenga o Waikato chairwoman Maxine Moana-Tuwhangai.
"Waikato-Tainui is implementing a range of programmes to support the vision our tūpuna had for the success and wellness of our people today, our mokopuna of tomorrow, and our whenua and awa."
Waikato-Tainui comprises more than 67,000 members from 68 marae around the Waikato. It signed its Treaty of Waitangi deed of settlement, worth $170m, in 1995.
Significant progress was made in areas such as supporting marae, revitalising Waikato reo and tikanga, growing tribal estate, resolving affordable housing challenges, educating members, and enabling career and job opportunities, she said.
Sir Henry van der Heyden, chair of the commercial arm Tainui Group Holdings, says for the first time in its history the company was reporting an annual net profit of more than $100m.
TGH made $54m from the sale of half of The Base retail centre in Hamilton and the $114.8m profit allowed it to return a total dividend of $22m.
Waikato-Tainui says its Novotel Hamilton, Ibis Hamilton and Tainui Novotel Auckland Airport continue to be high performing.
During the year it also announced a new luxury hotel joint venture at Auckland International Airport and turned the sod on another joint-venture project at the Ruakura inland port development.
Waikato-Tainui's 2017 highlights
- Rangiriri Paa and Te Wheoro Historical Reserve returned to tribal ownership.
- Record distribution of $11.06 million.
- $57.5m of funds released for investment in housing, te reo Maori, and land purchases
- Careers Centre launched and 137 tribal members supported into jobs.
- 500 members completed home ownership and financial literacy courses, with 29 successfully independently purchasing homes.